25 Oct 2019 Taiwan Legal Update: The Launch of the Start Up Terrace
The Startup Terrace is an international startup hub. Premier Su-Tseng Chang visits New Taipei City’s Linkou District for the launch ceremony of Start Up Terrance
The Startup Terrace began recruiting companies in December 2018. So far, over 132 companies have moved in,99 of which are startup businesses, 13 digital transformation companies, 15 accelerators, four lifestyle service companies and one joint innovation center. These companies are local Taiwanese, American British, French, German, Dutch, Russian, Indian, Indonesian, Samoan and South Korean. Notably, with the help of the Ministry of Economic Affairs (MOEA), Amazon Web Services (AWS) has established a joint innovation center there. MOEA largely contributed to the success of the Startup Terrace, offering tenants one-stop services and rent discounts and exemptions. The Startup Terrace began recruiting companies in December 2018.
At the opening ceremony, The Premier unveiled two new incentives:
- 15 per cent investment tax credit to offset business income taxes for audiovisual, cultural creativity, and digital economy companies within five designated zones
- Doubling of the National Development Fund’s outlay for startups to NT$2 billion (US$65.2 million)
It is hoped that these policies will “jumpstart” the Terrance and encourage industrial and urban development in the Linkou area.
In data from the National Development Council, the Business Angel Investment Program launched in 2016, initially had a five-year budget of NT$1 billion (US$32.9 million).
In 2019, the budget was doubled to NT$2 billion (US$65.2 million). Additionally, individual project investments have been increased from NT$10 million (US$326,000) to NT$20 million (US$652,000), with cumulative investments approved for up to NT$100 million (US$3.3 million).
Along with the increased funding, the general scope of the program has been expanded to cover more applicants. To date, the fund has approved investments in 57 startups, anticipated to generate over NT$2.2 billion (US$71.7 million).
Furthermore, at the cabinet weekly meeting on Thursday (24), Premier Su Tseng-chang pledged the governments continued and ongoing support for startups through financial assistance and stronger regulatory framework.
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